- 65% of the tokens reserved for the public sale were sold.
- Token distribution will occur between 1 August 2018 and 6 August 2018.
- Tokensale participants will be able to start staking their tokens to claim unsold tokens between 7 August 2018 and 13 August 2018.
- The Golix Token (GLX) will be tradable on golix.com and other exchanges starting 14 August 2018.
Our tokensale which started on 1 June 2018 ended on 25 July 2018 at approximately 12:00pm CAT. Out of a total of 637,120,048.5 GLX, we sold 415,519,188 GLX.
Close to 35% of the tokens that were reserved for the tokensale were unsold. As we promised in our Whitepaper, we’re going to distribute the unsold tokens to existing tokenholders.
The first reason for this post is to give an overview of how that will work exactly. The second reason for this is to set expectations for how long it will take for the tokens to be distributed and how quickly it will be tradable on Golix and other exchanges.
When will token distribution start?
Token distribution will start on 1 August 2018. To receive your tokens quickly, please make sure you verify your identity and you provide an Ethereum address through our Tokensale Site. If you don’t know how to do that, don’t worry, we shall share instructions on how to do that to those who will not have done so by 1 August 2018.
If everything goes smoothly, we expect every tokensale participant to receive their tokens by 6 August 2018.
What’s going to happen to unsold tokens?
Unsold tokens will be locked in a smart contract and will be distributed to tokenholders that opt to lock their tokens too in this smart contract too. Here’s how it will work:
- On 7 August 2018, we shall lock all the unsold tokens (221,600,860.5 GLX) into the smart contract and publish the contract’s public key.
- This smart contract distributes these tokens annually, over a period of 4 years and with a 1 year cliff. This means that, exactly one year after 7 August 2018, one quarter of these tokens will be distributed and this will keep happening until the tokens run out (after 4 years).
- These tokens will only distributed to the sending addresses of wallets that send Golix Tokens (GLX) to this contract public key. And the vesting rules will apply For example, if you send 100 GLX to this public key, after 1 year, you get 25 GLX (plus a percentage of the unsold tokens), and the next year you get back another 25 + some unsold tokens, and so on. Going forward, we shall call this process of sending your tokens to the smart contract public key, staking.
- Unsold tokens will be distributed on a pro rata basis, meaning that if one person stakes 1 token, she will get her 1 GLX back plus all 221,600,860.5 GLX that’s unsold back to the wallet she used to stake that 1 GLX after 4 years. If 100 people each stake an equal number of tokens, they will each get their tokens back, plus an equal share of the unsold tokens (i.e. 221,600,860.5 / 100 each). If many people stake an unequal number of tokens, they will each get their tokens back, and they will get a proportional percentage depending one how many tokens they stake in respect to others.
- If you stake your tokens, you will not be able to spend them until the next anniversary of 7 August 2018 and even then, you’ll only be able to stake the percentage that has vested.
- Staking will only be possible from 7 August 2018 at 12:00 CAT to 13 August 2018 at 11:59 CAT. We shall announce the smart contract public key just before 12:00 CAT on 7 August 2018.
- If, like us, you believe that Golix is going to continue to grow and be successful, and you want to hold your tokens over a long period of time, then, then you want to stake as many tokens as you can afford to -it’s a good deal.
When will the Golix Token (GLX) be tradable on Golix?
The Golix Token (GLX) will be tradable on 14 August 2017 at 14:00 CAT on golix.com. We are also in talks with other exchanges about making the Golix Token (GLX) tradable there and we shall be making some announcements around this over the next couple of weeks.
What can I use the Golix Token (GLX) for & where will it get it’s value from?
Our business model is to charge fees for the services we provide. We have published our fee schedule on our website. For some services (e.g. listing other tokens) we shall charge exclusively in Golix Tokens (GLX). For others fees (exchange-related transaction fees), we shall give customers an option to pay their fees with Golix Tokens (GLX) and give them a discount for doing so.
We shall waive fees entirely for exchange-related transactions made by anyone who is holding 100,000 GLX in their Golix Wallets at the time of the transaction.
Finally, because the Golix Token (GLX) will be easily tradable against various African fiat currencies for zero fees, we’re going to start to see better, transparent and alternative ways of calculating inflation rates of African fiat currencies, moving value across African borders, better exchange-rate discovery, alternative ways to store the values of volatile fiat currencies, as well as other use cases we haven’t even thought of yet.
Now that the tokensale is over, what’s next for Golix?
It feels very relieving to finally complete a tokensale. Fundraising is a very draining and involving process — we’re very excited that we’re now going to be shifting our focus back to our core business:
At Golix, we care deeply about giving every person in Africa financial autonomy and we believe that the best means to that end is just making it super easy for anyone on the continent to buy and/or sell whatever cryptocurrency they want to. As long as golix.com is not yet available in your country, or your favourite cryptocurrency is not yet tradable on Golix, we still have a lot of work to do.
We’re also hiring for a few positions — please check out our careers site.
Finally, we decided to go through the tokensale process after struggling to raise venture capital for a long time. From our own experience and through lessons talking to other technology startups on the continent, we believe that token generation events are going to leapfrog venture capital. Having gone through the process ourselves, we feel qualified to help other companies that are considering tokenising their business models or working towards a token generation event. And if we really like your project, we want to invest your project too (as we promised in our whitepaper, we are reserving 20% of our revenue to buy back tokens, that we’ll use in make investments in projects we like). Plus, if you have tokenised your business model that has a good use case in Africa, please contact us because we want to be the first exchange to list your token.